.

Well done, fingers crossed its going to be a very big year ahead.

I did take advantage of the drop to pick up a few trading shares which I sold on thu.

Puntland update !!


http://www.marketwire.com/press-release/Africa-Oil-Provides-Update-on-Puntland-Somalia-TSX-VENTURE-AOI-1380915.htm

an 17, 2011 09:00 ET

Africa Oil Provides Update on Puntland (Somalia)

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 17, 2011) - Africa Oil Corp. ("Africa Oil" or "the Company") (TSX VENTURE:AOI)(OMX:AOI) is pleased to announce that Africa Oil, together with Range Resource Ltd. and Lion Energy Corp., its joint venture partners, has entered into amending agreements with the Government of Puntland, represented by the Puntland Petroleum and Mineral Agency, in respect of the production sharing agreements ("PSAs") for the Dharoor Valley Exploration Area and the Nugaal Valley Exploration Area. Under the PSAs, as amended, the First Exploration Agreement has been extended for a further 12 months, from January 17, 2011 to January 17, 2012.

Under the amended PSAs Africa Oil is obligated to spud a minimum of one exploratory well in the Dharoor Valley Exploration Area by July 27, 2011. A second exploratory well is required to be spudded in the Nugaal Valley Exploration Area or, at the option of Africa Oil, in the Dharoor Valley Exploration Area, by September 27, 2011.

In addition, the proposed farmout to Red Emperor of a 20% interest in each of the PSAs, previously announced on June 15, 2010, has been approved by the Government. Under the Red Emperor farmout Red Emperor is committed to pay a disproportionate share of the costs related to Africa Oil's drilling commitments in the First Exploration Period.

Keith Hill, President and CEO of Africa Oil commented on these developments as follows: "We look forward to the upcoming wells in the rift basins of Puntland which we believe could hold similar potential to the geologically related basins in Yemen which contain more than 6 billion barrels of discovered reserves. We appreciate the cooperation and efforts from the government in granting this extension and are in advanced negotiations with a drilling contractor to meet these obligations. We also would like to welcome our new partner Red Emperor to the joint venture."

Looking good wouldn't you say? Still pleased I hung in there hope you are as well.

Yep, I am fully in here :)

Morning all, yes would be daft not to be invested, plenty to look forward to..

How sad is this drop, good for those wanting to invest but not so good for us. Oh Dear, my budgie is going to have a wonderful vocabulary. I thought RGM took the biscuit earlier on but this beats it. Any ideas as to why?

Drop??? 0.3 of a penny!!! Been bigger drops than this along the way. Trend is still up.

well i took a risk a sold a wedge of my rrl yesterday near the high - keeping the proceeds to oneside to buy back - seeking 8.25 / 8.5 target but will consider anything below 9p - more shares for me dough!! lol double win hope they dont fly for a week or 2 but even if rrl does have sufficient left in rrl to make it worth while gla

Yes HC will be a few treeshakes along the way as well, so hopefully 3M everthing should go in the right direction???......

Thanks for that one Grannyboy, hope not too many leaves come off the shaking tree. Get so frustrated at times when everything seems to be going good and then they fall. I know they did not drop much but even so it is a lot on a penny share, if you know where I am coming from. Patience is a virtue or so they say!!!!!!!!! Hope the next thread I post is 'wow look how good are these'.

http://www.proactiveinvestors.co.uk/companies/news/24709/range-resources-may-transform-into-a-major-player-old-park-lane-capital-24709.html


Range Resources may transform into a major player - Old Park Lane Capital
Tuesday, January 18, 2011 by Jamie Ashcroft

Range Resources (ASX:RRS, LON:RRL) will transform into a major player if its Puntland exploration projects prove successful, according to research by specialist City broker Old Park Lane Capital.

This afternoon Barney Gray, analyst at Old Park Lane, published research on Range Resources and its joint venture in the autonomous Puntland region of Somalia.

Yesterday Range, together with its partners Africa Oil (TSX-V:AOI) and Lion Energy (TSX-V:LEO), announced that it has amended the production sharing agreements (PSAs) for the Dharoor Valley and the Nugaal Valley exploration areas.

The amendments will allow Range to spud its first exploration well before 27 July 2011.

This is very good news for Range as it implies that full mobilisation is likely in Q2, providing the company with exposure to multi-billion barrel upside potential, Gray said in a note to clients.

He adds: In November 2010 we increased our risk parameters to reflect the longer lead times for mobilisation in Puntland.

However, with the extension of the PSAs and renewed visibility on mobilisation ahead of a July spud, we are confident that success in Puntland will transform Range into a major player in the E&P sector.

Thanks for that Prose, like they say puntland could hold between 2b-10billion bo, thats only on one licence they have 2??...

This will jump higher than 10p sooner or later....and spudding wells in Georgia or Puntland with backing capital from Texas could send this all the way to the upper teens.....

If any of the foreign wells come right...50 to 100p here we come...the new XEL,GKP or RKH here !, perhaps ?....

Indeed.

That would be wonderful. Don't think I will ever be in 'Sue Ellens' league but I wouldn't mind a stab at it. Thinking more positive now with all your helpful comments.

i prefer rrl to the likes of gkp very much so - simply because of where gkp is - and of course the challenge to 30% or so of gkps business which although may come to nothing adds to the very high risk of gkp - i was in gkp but fully out now - despite rumours of them being swallowed up by a major player (but keeping an eye / ear on that!) additionally with rrl another reason to be confident apart from on & off shore high potential is the fact they have very good contacts with the government there - take a look at the bod - gla
didnt get my target to rebuy my wedge sold - so may buy back anyhow tomorrow as want my full wedge back in quick - when this hits 80p i wont be too bothered about fractions of a penny!! rrl is already very derisked - good share imo

Somalia extends Africa Oil exploration licences

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Written by Reuters

Thursday, 20 January 2011 12:00

Somalia's semi-autonomous Puntland region has extended exploration licences held by oil and gas explorer company Africa Oil Corp and its partners for 12 more months, the company said.

Africa Oil and joint venture partners Range Resource Ltd. and Lion Energy hold production-sharing agreements (PSAs) for the Dharoor Valley Exploration Area and the Nugaal Valley Exploration Area in Puntland.

Puntland has been relatively stable compared with the rest of the chaotic Horn of Africa nation, Reuters reports.

The first exploration agreement for the two blocks has been extended to Jan. 17, 2012, Africa Oil said in a statement late on Monday.

"Under the amended PSAs, Africa Oil is obligated to spud a minimum of one exploratory well in the Dharoor Valley Exploration Area by July 27, 2011," the company said.

"A second exploratory well is required to be spudded in the Nugaal Valley Exploration Area or, at the option of Africa Oil, in the Dharoor Valley Exploration Area, by Sept. 27, 2011."

Africa Oil said the Puntland government had also approved a farm-out agreement in which Australia's Red Emperor Resources will take a 20 percent stake in each of the PSAs -- first announced in June.

Africa Oil is also exploring for oil in Kenya and Ethiopia.

The East African Rift Basin system is one of the last of the great rift basins to be explored. Discoveries have been made in east Africa, including Uganda's Albert Graben, Tanzania's offshore Songo Songo gas wells and Mnazi Bay.

Keith Hill, president and chief executive of Africa Oil, said the company believed the wells in the rift basins of Puntland held similar potential to the geologically related basins in Yemen, which contain more than 6 billion barrels of discovered reserves.

Thanks for that, I am afraid I am a novice when it comes to the investors room so forgive me if I get excited now and again but all looks good.